On July 6th, 2009, Sinochem International President Zhang Zengeng signed on the Cross-Border RMB Trade Settlement Package with Bank of China Shanghai Branch President Zhang Qingliang. Bank of China President Li Lihui, Sinochem International Deputy President and CFO Qin Hengde attended the ceremony, together with the representatives from Baosteel and Shanghai Electric, etc.
In the context of the economic crisis, the fluctuation of exchange rate has an impact on the corporate operation. Due to the fact that the transaction settlement by import and export companies is in third currency, these enterprises are vulnerable to the risks posed by exchange rate fluctuation. With RMB as the currency of settlement, the domestic enterprises not only can avoid currency risk, but also help the enterprises with curing cost and income, so as to carry out long-term operational plan. |
